5 days ago
Billionaire Magnier claims his name being 'slaughtered' in court
Bloodstock billionaire John Magnier has complained of his alleged unfair treatment as he faces cross examination over a failed €15 million land deal in the High Court.
The founder of the world famous Coolmore Stud at the start of Thursday's hearing asked the judge's permission to address the court.
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He said he thought he was being "treated unfairly" Wednesday, by the opposing senior counsel for Barne Estate Martin Hayden SC during cross examination.
He claimed counsel "unfairly went after" his good name and Mr Magnier declared he came to court for "protection, not to be slaughtered".
Lawyers acting for Mr Magnier have claimed before the High Court that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a "full-frontal assault" on Mr Magnier's claimed deal to buy 751 acres of land in Tipperary for €15 million.
Mr Magnier's proceedings claim that Barne Estate reneged on the alleged deal, preferring to sell the land at the higher price of €22.25 million to Mr Regan, the founder of the New York building firm JT Magen.
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Mr Magnier – along with his adult children, John Paul Magnier and Kate Wachman - wants to enforce the alleged deal.
They say the deal was struck at an August 22nd, 2023, kitchen meeting at Mr Magnier's Coolmore home.
They also claim an exclusivity agreement that was in effect from August 31t to September 30th stipulated that the estate would not permit its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Mr Magnier.
Barne Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust.
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The Magnier side have sued the Barne Estate, Mr Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been "unequivocally" agreed.
The Barne defendants say there was never any such agreement and subsequently they preferred to sell the estate to Mr Regan.
Mr Regan is not a party to the case.
At the High Court on Thursday , Mr Magnier repeatedly told the court that when it came to legal and financially detailed matters that he hired experts who would decide and report on the progression of land deals for him.
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Mr Magnier said "I don't think you believe me - I am not a solicitor" to Mr Hayden and said that he was answering the same questions "again and again and when I answer you look out the window".
Mr Hayden said he was being "polite" to Mr Magnier in letting him finish his answers but that after any "rambling" by the plaintiff he would still be asked to specifically address the question originally asked.
Mr Magnier told Mr Hayden that while he was "smarter than me" he was not going to allow Mr Hayden to put "your words in my mouth, I am not going to do that".
Mr Magnier claims that on the night the Thomson-Moores went to another room in Coolmore to ring the trustees of Barne to get the go-ahead on the deal and returned with the permissions needed.
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Mr Hayden said that phone records show that neither the Thomson-Moores nor estate agent John Stokes, also present at the meeting, made any contact with the trustees.
"You had to come up with another story which was that they said they were calling them," said Mr Hayden.
"They did say they were going to call. I have not changed my story at all. It's unfair to say so. It's untrue," said Mr Magnier.
"I shook hands with the three people who were there," he said, adding "my word is my bond".
Mr Magnier said that it was his suggestion to present a "no strings attached €50K" in two envelopes on September 7th, 2023, to Mr Stokes who gave it to the Thomson-Moores because the family were allowing Mr Magnier's people onto the land, were resisting bids and claimed that Mr Stokes had told him the family were "strapped for cash"
Mr Hayden said that it will be Mr Stokes' evidence that he never said the family were strapped for cash.
However, the money was returned to the Magniers days later and Mr Magnier told the court that it was his estimation that this was a signal that the family had now changed their minds and were going with the higher bid.
The case continues before Mr Justice Max Barrett.
